Trends and Targets for 31/01/2019

Majestic Wine #SP500 #Nasdaq An important anniversary is being used to justify an update on #Majestic. One of the team at T&T has a bizarre wedding anniversary regime, buying a bottle of champagne annually. Perhaps this sounds normal but unfortunately, the champagne is never actually consumed. Instead, it joined 24 of its fellow bottles in a rack, untouched and unwanted!

Neither of the pair enjoy champagne but enjoy selecting each years bottle as their wine rack has become an “at a glance” counter to remind how many years they’ve been married. Clue: 25 years and they are promising a summer BBQ this year to consume the lot…

As for Majestic, we’ve kept an eye on this since its rise from 100p in 2009 to 600p in 2013. The shares behaviour during the last few months has been interesting to say the least. The drop to a bottom of 235p was, from our perspective, mathematically precise. Unfortunately, it creates the situation where weakness now below 237.5p risks introducing some danger, due to a calculation which gives a bottom at 213p and hopefully a realistic bounce.

Our secondary below 213 calculates at 127p, a calamity which looks like it would require negative new flow or a board decision the company concentrate on English wines only…

We mentioned earlier the drop to 235p was mathematically precise and it actually gives some hope for the future. If the share price were to move beyond 298p, we’d argue bottom was officially “in” at 235p as an initial recovery target calculates at a tame 306p. In the event this level is exceeded, our secondary is a useful 348p, along with a need to revisit the price for additional analysis.

Chart goes here.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:50:24PM

BRENT

61.65

Success

9:51:47PM

GOLD

1319.94

‘cess

9:53:56PM

FTSE

6948.76

‘cess

9:59:15PM

FRANCE

4984

Success

10:05:40PM

GERMANY

11236

10:07:09PM

US500

2686.78

2636

2624.5

2602

2692

2702

2732

2647

Success

10:22:20PM

DOW

25035

Success

10:28:51PM

NASDAQ

6837.48

6649

6569

6479

6731

6840

6865.5

6902

6732

Success

10:31:13PM

JAPAN

20810

‘cess

 

30/01/2019 FTSE Closed at 6941 points. Change of 1.58%. Total value traded through LSE was: £ 6,058,539,200 a change of -14.43%
29/01/2019 FTSE Closed at 6833 points. Change of 1.27%. Total value traded through LSE was: £ 7,080,532,639 a change of 39.11%

 

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